WHITEHALL, PA. — Derek Zerfass of Colliers International’s Allentown office represented BB&T in the $1.2 million sale of a 3,061-square-foot former bank branch building at 2545 Mickley Ave. in Whitehall. The building will be demolished to make way for a Wendy’s restaurant. Steve Clipman of ROCK Commercial Real Estate represented the buyer.
GREENWICH, CONN. — Starwood Capital Group has agreed to acquire Forestar Group Inc., a residential and mixed-use real estate development company, for $605 million. Starwood will acquire all of the outstanding shares of Forestar’s common stock for $14.25 per share in cash. The Forestar Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Forestar’s stockholders. The transaction is expected to close in the third quarter of 2017. “Over the past 18 months Forestar has significantly reduced costs and outstanding debt, exited non-core assets and focused on its core community development business. While executing these key initiatives, the board and management have been evaluating longer term strategic alternatives,” says James Rubright, chairman of the Forestar board. “After conducting a thorough review assisted by highly experienced financial and legal advisors, the board believes that engaging in the transaction with Starwood is the best option to maximize stockholder value.” JMP Securities LLC is serving as financial advisor to Forestar, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Starwood. Austin, Texas-based Forestar Group maintains a portfolio of 50 residential and mixed-use …
SANTA ANA, CALIF. — NewMark Merrill Cos., a Woodland Hills-based retail shopping center development company, has completed a $19.1 million recapitalization of Bristol Warner Village in Santa Ana. NewMark Merrill’s Sandy Sigal, Susan Rorison, James Patton and Sandra Kist made up the finance team. Bristol Warner Village is located at the southeast corner of Bristol Street and Warner Avenue. The 80,865-square-foot property recently underwent redevelopment and is 98.5 percent occupied by tenants including Starbucks, 99 Cent Only, Chase, T-Mobile and MetroPCS.
LANCASTER, CALIF. — Fident Capital has provided a $9.5 million permanent loan for the recently constructed Department of Motor Vehicles (DMV) in Lancaster. The 29,000-square-foot facility is located at 721 W. Ave L6. The State of California signed a 20-year lease for the space once the loan was closed. Magnon Cos. developed the property.
OXNARD, CALIF. — Integral Senior Living has been selected to manage Laurel Riverpark, a 136-unit independent living community currently under construction in Oxnard, located midway between Los Angeles and Santa Barbara. The Wolff Company, a private equity firm based in Arizona, is developing the property. Pre-leasing is currently open. This will be the third community Integral operates for Wolff. Laurel Riverpark will be located within the larger Riverpark master-planned community, putting it directly adjacent to dining, shopping and entertainment. Integral Senior Living, headquartered in Carlsbad, operates 58 independent living, assisted living and memory care properties throughout California, Arizona, Utah, Idaho, Texas, Colorado, Oregon, Washington, Illinois, Michigan, Missouri, Alabama, Oklahoma, Tennessee, Florida and Indiana.
TEMPE, ARIZ. — Warner Courtyards, a 113,586-square-foot flex office building in Tempe, is now fully leased due to Cenlar FSB’s recent agreement to occupy 60,103 square feet. The building is located at 301 W. Warner Road. Other tenants to lease space at the property include CEC Educational Services and Yokowo American Corp. Cenlar, a loan servicing provider, originally occupied the building in August 2016 before expanding to its larger space. NGKF’s Jerry Jacobs represented Cenlar. Matt Nebeker of Cushman & Wakefield represented the landlord, Hannay Realty Advisors, in all three lease transactions.
LONG BEACH, CALIF. — Forward 6th Street Investments LLC has acquired the 24-unit Palmdale Apartments in Long Beach for $3.1 million. The community is located at 845 E. 6th St. It was built in 1924. The property was recently renovated to include hardwood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction.
ALPHARETTA, GA. — PGIM Real Estate has sold North Point Market Center, a 420,556-square-foot retail center located across the street from North Point Mall at 6200 N. Point Parkway in Alpharetta. The sales price was undisclosed, but the Atlanta Business Chronicle reports PGIM sold the property to CBRE Global Investors for nearly $109 million. North Point Market Center was nearly fully leased at the time of sale to tenants such as Nordstrom Rack, PetSmart, Five Guys, Stein Mart and Dick’s Sporting Goods. PGIM, which owns the nearby Avalon, purchased the retail center in 1998 in a joint venture and has been the sole owner since 2013.
ALPHARETTA, GA. — JE Dunn Construction has begun building a four-story, 168-unit apartment community within the Alpharetta City Center development. The property will also feature 40,000 square feet of retail space and 115 below-grade parking spaces. The apartment community is JE Dunn’s fourth project with multifamily developer South City Partners. The Alpharetta City Center project is a redevelopment plan that includes civic buildings, public spaces, residential, office, retail and mixed-use buildings.
LITTLE ROCK, ARK. — Pillar, a division of SunTrust Bank, has originated a $25.5 million HUD loan for the refinancing of Metropolitan Apartments, a 260-unit multifamily community in Little Rock. The market-rate property was fully occupied at closing. Evan Hom of Pillar’s New York office originated the 35-year loan on behalf of the borrower, Transcontinental Realty Investors/Adobe Properties, a Dallas-based multifamily property owner and developer. The HUD financing features a fixed interest rate and a 35-year amortization schedule.
